With my saving account, can I apply IPO in the name of family or friend?

Two types of banks can apply for IPOs using ASBA.

1. Banks offer Third Party IPO Application

   Third Party IPO applications are offered by banks like RBL, Asix, and SBI. These banks allow you to apply for up to five IPO applications with one bank account.

   Yes, you can apply for an IPO in your friend's or family member's name if you have a bank account at any of these banks.

   This is the only method to submit an IPO online under the Minor or HUF name.

2. Only banks that offer self-IPO applications

   Other banks such as ICICI, HDFC and others. Only 1 IPO application is allowed per bank account. The bank account, demat and PAN numbers should all belong to the same person in this instance.

Note: As per regulation;

• The unique PAN number is used to determine the allotment. Per PAN number, only 1 IPO application can be eligible.
• When applying for an IPO through ASBA, it doesn't matter what bank account you have.
• UPI is a method of payment that requires the account to be in the applicant's name.